real estate loan

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Explanation of "Real Estate Loan"

Definition: A "real estate loan" is a type of loan that people take out to buy, build, or improve property, such as a house or land. This loan is usually secured by a mortgage, which means that if the borrower cannot pay back the loan, the lender can take the property.

Usage Instructions:

• When to use: You can use the term "real estate loan" when discussing buying a home, investing in property, or talking about financial options for real estate.
• Who uses it: Real estate agents, bankers, and people looking to buy property often use this term.

Example:

• "I need to apply for a real estate loan to buy my first house."

Advanced Usage:

• In the context of finance, you might hear phrases like "interest rates on real estate loans" or "real estate loan approval process." These phrases refer to the costs associated with borrowing money for property and the steps needed to receive that loan.

Word Variants:

• Mortgage: This is a specific type of real estate loan where the property itself is used as collateral.
• Home loan: This is a more general term that can refer to any loan taken out to buy a home, which is often a type of real estate loan.

Different Meanings:

• "Loan": A sum of money that is borrowed and expected to be paid back with interest.
• "Real estate": This refers to land and anything built on it, like houses or buildings.

Synonyms:

• Property loan
• Home mortgage
• Housing loan

Idioms:

While there are no direct idioms for "real estate loan," you might hear phrases like: - "Put your money where your mouth is": This means to support your statements with action, which can apply when someone talks about investing in real estate.

Phrasal Verbs:

• Pay off: To completely repay a loan. Example: "I hope to pay off my real estate loan in 15 years."
• Take out: To apply for and receive a loan.

Academic

Noun

1. a loan on real estate that is usually secured by a mortgage

Synonyms

• mortgage loan